The current horrifying state of affairs in Congress is just one more reason that America's abandonment of defined benefit pensions in favor of 401(k)-type retirement plans is dangerous. I have paid into my defined contribution retirement plan for more than 25 years, yet as I approach retirement age, my account has suffered through the Great Recession, the stagnant wage "recovery" and now Congress shooting all of America in the foot (or worse).
As I watch the stock market tank a little more each day and the Republicans hold the country hostage, I wonder what will become of me when this insane brinksmanship ruins America's credit and sends the market down 1,000 points or more as it did in 2011.
And after all this, the Republicans are holding out on raising the debt ceiling until they can gain concessions on Social Security, the last bit of economic security Americans will have to depend on when their 401(k)s are destroyed by millionaire politicians more worried about saving face than saving the nation.
First Published October 9, 2013 8:00 PM